Westpac leads tussle for six month deposits

Westpac won the day in the tussle for six-month cash last week, as five institutions hikes rates in that space.

Monday, 16 August 2010

by Paul McBeth

Westpac raised its six-month rates by 110 basis points, while cutting its three-month and five-month terms by 20 and 15 points respectively.

ANZ lifted its six-month term 20 points, and its five-month rate by 50 points, while Credit Union Baywide hiked its five-, six-, and nine-month rates 25, 20, and 5 points respectively, while cutting its two-, and three-month rates by 25 points.

Wairarapa Building Society lifted its six-month rate by 10 basis points, and its nine-month rate by 160 points.

The National Bank bucked the trend, slashing its six-month term by 40 basis points, while BNZ and ASB got out of the longer-dated space. BNZ cut it five-year deposits by 25 points, and ASB cut its four- and five-year rates by 30 points.

Equitable Mortgages played its own game, raising its 12- and 18-month and two-year rates on secured deposits by 50, 50 and 25 basis points.

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